American Strategic Investment Co. · NYSE:NYC
American Strategic Investment — New York City REIT — Q3 2021 Earnings Presentation
27 slides from American Strategic Investment's earnings presentation, 2021
Slide 1: New York City REIT Third Quarter Investor Presentation
NEW YORK CITY REIT Third Quarter Investor Presentation 0 9 Times Square - New York, NY_
Slide 2: Third Quarter 2021 Highlights
Third Quarter 2021 Highlights NYC is a high-quality Manhattan focused portfolio with substantial cash rent collection and a top 10 tenant base that is 71% Investment Grade(1) rated and features strong leasing momentum throughout 2021, including a 21,700 square foot forward Leasing Pipeline(1) High-Q
Slide 3: Proactive Management of Select Tenants
Proactive Management of Select Tenants NYC continues to actively pursue strategic solutions with tenants placed on a cash basis in Q4’20(1) and replace space formerly occupied by Knotel Prudent and Proactive Actions Taken to Address COVID-19 Tenant Related Headwinds Tenant Asset Management and Legal
Slide 4: Manhattan Focused Portfolio
Manhattan Focused Portfolio $861 million portfolio of real estate investments featuring a diverse tenant mix across eight mixed-use office and retail condominium buildings that are primarily located in Manhattan Portfolio Metrics Top 10 Tenants Credit Ratings(1) Metric ($ and SF in mm) Q3’21 16% Rea
Slide 5: Aggressive New York City Comeback
Aggressive New York City Comeback Office use and business and pedestrian activity continues to increase across the city as New York City continues to aggressively encourage mass vaccinations to support a return to pre-pandemic lifestyles Visualizing New York City’s Aggressive Vaccination Campaign 86
Slide 6: Leading New York City Market Position
Leading New York City Market Position NYC’s portfolio of eight mixed-use offices and retail condominiums is the leading “pure-play” publicly traded REIT focused on New York City real estate Total Portfolio SF (mm)(1) 1.2 10.2 24.9 32.4 12.9 5.2% New York City Office and Retail Exposure(2) 99.1 83.4
Slide 7: Well-Positioned Portfolio Compared to Peers
Well-Positioned Portfolio Compared to Peers 71% Investment Grade rated(1) top 10 tenant base that is complemented by a balance of tenants with attractive industry exposures and long-term leases Highlights Share of Top 10 Tenants Investment Grade(1) 80% ✓ NYC’s top ten tenants are 71% actual or impli
Slide 8: Conservative Capital Structure
Conservative Capital Structure NYC’s capital structure provides financing flexibility for future acquisitions(1)(2) Net Leverage(3) Debt Maturities Through 2024 60% 51% 51% 73% 39% 40% 46% 32% 14% 5% NYC PGRE ESRT SLG VNO ESRT NYC PGRE VNO SLG ▪ Financing Flexibility for Future Acquisitions: NYC’s c
Slide 9: Real Estate Portfolio Highlights
Real Estate Portfolio Highlights 8
Slide 10: Detailed Property Summary
Detailed Property Summary $861 million portfolio that is diversified across eight mixed-use office and retail condominium buildings that are primarily located in Manhattan % of Real Estate Remaining % of Annualized Portfolio Assets, at cost Occupancy Lease Term Portfolio Straight-Line ($ mm) (in yea
Slide 11: Top 10 Tenant Investment Grade Profile
Top 10 Tenant Investment Grade Profile NYC’s top 10 tenants(1) feature a balance of large Investment Grade corporate tenants such as City National Bank, CVS and Marshalls and government agencies Q3’21 Original Remaining % of % of Space Tenant Credit Tenant Cash Rent Lease Term Portfolio Portfolio Ty
Slide 12: Q3'21 Leasing Activity
Q3’21 Leasing Activity Completed 12 new leases in 2021 that total over 86,000 square feet and $4.3 million of annualized straight-line rent with a weighted average Remaining Lease Term of six years plus a 21,700 square foot forward Leasing Pipeline that is expected to increase Occupancy to 87% Leasi
Slide 13: Case Study: Knotel Proactive Management
Case Study: Knotel Proactive Management Proactive management leads to over half of Knotel’s former space backfilled through Q3’21 with a Fortune 50 technology, a global human resource Company and a leading media company ✓ In January 2021, Knotel filed for bankruptcy and subsequently terminated all s
Slide 14: Financial Highlights
NEW YORK CITY REIT Financial Highlights
Slide 15: Q3'21 Cash Rent Collection
Q3’21 Cash Rent Collection Original Cash Rent collection continues to improve in 2021 as Approved Agreements(1) executed in 2020 and early 2021 expire and tenants resume paying original Cash Rent due Original Cash Rent Collection Detail 92% 91% July August September 87% 93% 92% 92% collected collect
Slide 16: Capital Structure and Q3'21 Results
Capital Structure and Q3’21 Results Limited debt maturities though 2024 and Net Leverage of 39% provides financing flexibility for future acquisitions as the New York City market continues to rebound Key Capitalization Metrics ($ and shares in mm) Q3’21 Debt Maturity Schedule Fixed / Floating Debt %
Slide 17: Management and Board of Directors
Management and Board of Directors 16
Slide 18: Experienced Management Team
Experienced Management Team Michael Weil Chief Executive Officer, President and Chairman of the Board of Directors ▪ Founding partner of AR Global ▪ Formerly, Mr. Weil served as Executive Vice President of AR Capital, where he supervised the origination of investment opportunities for all AR Capital
Slide 19: Board of Directors
Board of Directors Michael Weil | Director and Executive Chairman Strong Corporate Governance ▪ Founding partner of AR Global ▪ Formerly, Mr. Weil served as Executive Vice President of AR Capital, where he supervised the origination of investment opportunities for all AR ✓ Majority independent Board
Slide 20: Appendix
hh NYC NEW YORK CITY REIT Appendix
Slide 21: Definitions
Definitions Annualized Straight-Line Rent: Straight-line rent which is annualized and calculated using most recent available lease terms as of the period end indicated. Approved Agreement: Represents Deferral Agreements as well as amendments granting the tenant a rent credit for some portion of orig
Slide 22: Definitions
Definitions Leasing Pipeline: Includes (i) all leases fully executed by both parties as of October 31, 2021, but after September 30, 2021, and (ii) all leases under negotiation with an executed LOI by both parties as of October 31, 2021. This represents one executed lease that commenced in the fourt
Slide 23: Reconciliation of Non-GAAP Metrics: Cash NOI
Reconciliation of Non-GAAP Metrics: Cash NOI Cash Net Operating Income (Cash NOI) Reconciliation Schedule For the Three Months Ended September 30, June 30, September 30, (in thousands) 2021 2021 2020 Net Loss (in accordance with GAAP) $ (11,124) $ (11,052) $ (12,288) Depreciation & Amortization 7,85
Slide 24: Reconciliation of Non-GAAP Metric: FFO
Reconciliation of Non-GAAP Metric: FFO Funds From Operations (FFO) Reconciliation Schedule Three Months Ended Three Months Ended (in thousands) September 30, 2021 September 30, 2020 Net Loss (in accordance with GAAP) $ (11,124) $ (12,288) Impairment of real estate investments 413 — Depreciation and
Slide 25: Legal Notices
hh NYC NEW YORK CITY REIT Legal Notices
Slide 26: Important Information
Important Information References in this presentation to the “Company,” “we,” “us” and “our” refer to New York City REIT, Inc. (“NYC”) and its consolidated subsidiaries. This presentation contains estimates and information concerning the Company’s industry and the Company’s peer companies that are b
Slide 27: Forward Looking Statements
Forward Looking Statements Certain statements made in this presentation are “forward-looking statements” (as defined in Section 21E of the Exchange Act), which reflect the expectations of the Company regarding future events. You can identify forward-looking statements by the use of forward looking t